The Gold's Gym

The Gold’s Gym

Conditions have been arisen for various companies to get their working disturbed. As mentioned in the previous blogs, that Finance role is a very big consideration factor when making a company’s stability for a long term.

Even some of the conditions are very much adverse that many of the business has collapsed or get grounded and some has to close some of their operations.

One such business which we are going to talk about is the big chain which is operating in many countries. The American chain which has different international co-ed fitness centers (commonly referred to as gyms) and was originally started by Joe Gold in Venice Beach, California. The chain name is “The Gold’s Gym”.

Each gym provides a range of fitness equipment for cardio and strength, as well as group workout programmes. Since then its headquarters have moved to Dallas.

As per the recent news, World's largest co-ed gym chain — Gold's Gym — has filed for bankruptcy after several branches around the world have been shut down due to the disruption caused by the COVID-19 lockdown in most major countries.

President and CEO Adam Zeitsiff said in an official press released by the organization states that he wanted to be 100 per cent explicit that Gold's Gym is not going out of business.

According to CEO saying that, "The brand is strong, and we'll continue to innovate and grow our digital business, our licensing program and our global footprint as we focus on serving our millions of members across the world”.

Gold's Gym further explained that bankruptcy proceedings would only affect corporate-owned outlets, comprising a fraction of the company's 700 stores worldwide.

Even though if we see damage has been done to the Gold’s Gym and would impact its operations adversely as the situation is not yet improved.

According to one of the Business news, Gold's Gym is closing over 30 locations across the US, the firm has announced this on its Facebook page. Sites in Alabama, Colorado, Missouri, Texas, Oklahoma, North Carolina and South Carolina are included in the closures.

The Gold’s Gym has been a big chain and has been world’s trusted fitness authority for more than 50 years and we’re not going anywhere is a statement given by the company on Facebook.

GGI Holdings, LLC (Gold's Gym) and 14 affiliated debtors filed Chapter 11 bankruptcy for the Northern District of Texas in the United States District Court on May 4, 2020. Under Case No. 20-31318 the debtors demanded joint administration of the cases.

Like many other firms, in March 2020, The Gold's Gym had to temporarily close its US locations in the midst of the COVID-19 pandemic.

The company said it would permanently close 30 of their locations in April. Gold's Gym said bankruptcy filing would only impact company-owned sites, which are around 10 per cent of the world's nearly 700, with an August 2020 reemergence goal.

The emergency situation of Covid-19 has led to shut down of some of the Gold’s Gym outlets operating in different countries and has affected some of its operations.